USDJPY bearish under 111.50
The US dollar remains under heavy downside pressure against the Japanese yen currency, as global financial markets move into risk-off trading move. Continued weakness below the 111.50 level could see the USDJPY pair testing towards the 110.30 and possibly the 109.90 level. Traders are likely to turn heavily bearish towards the USDJPY pair if a sustained loss of the 110.30 level occurs.
The USDJPY pair is only bearish while trading below the 111.50 level, key support is found at the 110.30 and 109.90 levels.
The USDJPY pair is only bullish while trading above the 111.50 level, key resistance is found at the 112.00 and 112.22 levels.